The RBI has mandated that there be no fees associated with using a RuPay credit card through the Unified Payments Interface (UPI) for transactions under Rs 2,000. All major banks have enabled RuPay's credit card, which has been in operation for four years, and are producing new cards for both the commercial and retail markets.
The NPCI circular stated that the device binding and UPI PIN setup procedures during credit card onboarding on the applications must include and be understood as customer authorization for credit card enabling for all sorts of transactions.
The primary method of payment at stores for small transactions is currently UPI. The use of debit and credit cards for transactions will significantly decline as a result of the government's drive for digital payments. Because fewer transactions are being made using credit cards, large firms like Master Card and Visa Card are struggling. Following the integration of debit and credit cards with UPI, many prefer credit cards because of the numerous advantages they offer. According to a recent circular, there would be no fee for RuPay credit card use on UPI for transactions up to Rs 2,000.
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How to link credit cards on PhonePe:
Step: 1. Launch PhonePe.
Step: 2. Select the profile photo
Step: 3. Select the option to View All Payment Methods.
Step: 4. Click ADD CARD from the Credit/Debit Cards menu.
Step: 5. Enter your card information and select Add.
Step: 6. Enter and submit the OTP.
How to link credit cards on Google Pay:
Step: 1. Go to your profile in Google Pay after opening it.
Step: 2. Tap Pay Businesses to set up payment options or the option to choose a credit card.
Step: 3. You must scan your card after processing. You may also manually enter your information.
Step: 4. Add the CCV and expiration date and save it.
Step: 5. Click More and then Accept & Continue after reading the terms.
Step: 6. Following the entry, you will receive an OTP on the registered mobile number.
How to link credit cards on Paytm:
Step: 1. Open the Paytm application and select your profile photo.
Step: 2. Select the Saved Cards option under Payment Settings. Then select Add New Card.
Step: 3. Card information will be requested while processing.
Step: 4. Finally, input the OTP to complete the transaction.
In terms of financial technology (Fintech), India is the global leader. India presently holds the top spot for real-time digital payment volume, accounting for about 40% of all such transactions.
The National Payments Corporation of India (NPCI) said that in September, payment through the Unified Payments Interface (UPI) reached a significant milestone of Rs 11 lakh crore.
Volume-wise, 678 crore transactions were completed on the UPI network throughout the month. There were 657.9 billion transactions worth 10.72 trillion rupees last month. In May of this year, UPI payments exceeded Rs 10 lakh crore.
